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€43 million collected from dormant accounts this year

Already this year €37, 556 has been released from the Dormant Accounts Fund for charity donations or community projects.

Image: Box of money via Shutterstock

OVER €43 MILLION euro has been collected from dormant accounts already this year with just €8 million claimed back by account holders.

Figures released to TheJournal.ie by the Department of Environment, Community and Local Government show that there has been a steady increase in the amounts transferred from accounts into the Dormant Accounts Fund over the last three years.

Another increase is expected with some €43.7 million collected already this year, compared to €45.4 million for the full year of 2012.

An account is considered dormant when there have been no customer-initiated transactions for 15 years and life assurance policies with a specified term are considered dormant five years after the end of that term. If a customer cannot be contacted by a financial institution, the money is transferred into the fund which is managed by the National Treasury Management Agency (NTMA).

However the money can be claimed back from the fund and since 2010 some €74.6 has been transferred back to account holders.

The Dormant Accounts Act also allows for the disbursement of funds that are not likely to be reclaimed. This money is allocated to various programmes supporting people who are economically, socially or educationally disadvantaged as well as those with a disability. Already this year €37, 556 has been released from the fund for these projects and last year a total of €4.16 million was taken to contribute to them.

The department said that the net value of the fund at the end of May this year was €128 million.

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